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Amidst the backdrop of a government hostile to petroleum, now Shell leaves Colombia's offshore gas sector, joining other majors in exiting as production drops 48%.

Bayón is expected to formally take over on September 15. The company did not reveal why Echeverry was stepping down.

Ecopetrol owns a 30% stake in the Anadarko-operated Warrior-2 well. The exact volume of the discovery is still under evaluation.

With multiple proven wells and four gas blocks in the area, Ecopetrol believes it may be able to begin extracting the resources more efficiently.

Ecopetrol holds a 50% interest in the Magdalena Middle Valley's Boranda-1 well, which is operated and 50% controlled by Canadian exploration company Parex.

The outlook upgrade reflects a sound financial position and Ecopetrol's ability to respond to a high volatility oil price environment.

CEO Juan Carlos Echeverry says "2016 was a year of enormous challenges for Ecopetrol," but he believes increased investment in 2017 will improve results in the coming years.

"Investment reductions are expected to affect its ability to replenish reserves in the long run above production levels," said Lucas Aristizabal of Fitch.

Ecopetrol has struck oil in the Gulf of Mexico. It holds a 20% stake in the now-proven Warrior well site.

"The group has overcome the period of low oil prices and has returned to the path of growth in production," said CEO Juan Carlos Echeverry.